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Outside Investors Trim Net Long Position in Soybean Oil Futures, Options Markets, CFTC COT Says

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Money managers cut their net long positions in the soybean oil futures and options markets, but remain bullish on the D4 RINS, ethanol, and California Low Carbon Fuel Standard biofuel futures and options markets, according to the Commodities Futures Trading Commission's weekly Commitments of Traders Report.

The weekly COT Report, as of the week ending June 9, showed that money managers are net long, a bet that the market will go higher, in the California LCFS market by 65,464 contracts, while producers/merchants/processors/users are net short by 81,860 contracts.

The COT report showed that money managers are net long by 1,336 contracts in the D6 Renewable Identification Numbers Current Year futures and options markets. The producers/merchants/processors/users are net long by 715 contracts.

In the D4 Biodiesel RINS Current Year futures and options markets, money managers hold a net long position of 1,600, while producers/merchants/processors/users are net short by 928 contracts.

For ethanol, money managers are net long by 6,048 contracts, while the producers/merchants/processors/users are net short by 6,903 contracts.

Money managers added 24,997 short soybean oil positions since the previous week, a bearish signal for the market. They remain net long soybean oil futures and options by 131,436 contracts, while producers/merchants/processors/users are net short by 217,871 contracts.

Money managers are net short Malaysian palm oil futures by 3,024 contracts, while the producers/merchants/processors/users are net long by 7,324 contracts.

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